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HotPix 2010
MR's Annual look at interesting companies that might be under your radar, as published in the April 2010 issue. Click here to browse.
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Sports apparel, footwear and equipment retailer Dick's Sporting Goods Inc has swung to a fourth quarter profit, helped by higher sales and tight control over costs and inventories.
For the three months to 30 January 30, net income was $67.4m or $0.56 per share, compared with a loss of $105.6m or $0.94 per share in the same period a year ago.
Sales were up 10.7% to $1.3bn, which the company attributed to a 2.5% increase in same-store sales, the opening of new stores and the addition of e-commerce sales.
Consolidated store sales rose 2.4% at Dick's Sporting Goods stores and were up 5.9% at the Golf Galaxy stores.
For the full year, profit was $135.4m or $1.15 per share, compared to a loss of $39.9m or $0.36 per share the year before.
New stores and e-commerce sales helped lift annual revenues by 6.8% to $4.4bn, even though same-store sales dropped 1.4%.
Despite the difficult economic environment the company “gained market share in 2009,” said Edward W Stack, chairman and CEO.
Looking ahead, the retailer expects first quarter earnings of $0.12 - 0.13 per share, up from $0.11 per share in the previous year, with same-store sales seen rising by 2-3%.
For full year 2010, earnings per share are likely to be $1.32 - 1.35, the company said.
